Kia Will Not Reduce Car Prices Following Dollar Depreciation

While other automotive manufacturers are reducing their prices after appreciation of Pakistani Rupee against the US Dollar (USD to PKR), Kia Lucky Motors Company (LMC) has issued a press release stating that they will maintain current car prices in Pakistan as the company already has very competitive pricing compared to others in the industry.

“LMC has always believed in being fair and transparent in our pricing policy; being a customer centric company we took the unprecedented decision to maintain our vehicle prices for over 2 years since the launch of our flagship models; revising the same at an average of only once over the past 4 years.” said the company.

“While companies have been forced to take a wait and watch strategy to monitor the fluctuation in the exchange rate to see where prices will go, the increase was inevitable. To help sustain our business, we recently increased the price by 14% on 18th of July; which we feel was a reasonable increase given the significant devaluation of the PKR against the USD; whereas during the same period, other industry players had taken the decision to increase prices between 19% and 23%. which was very recently been corrected to bring the increase at parity with Kia,” it added.

In short, Kia Lucky Motors Company (LMC) says that their car prices in Pakistan don’t need correct unlike other automotive company that raised their prices with a much higher margin. Therefore, Kia car prices in Pakistan will remain unchanged despite the strengthening of Pakistani Rupee against the US Dollar (USD to PKR).

Here is a copy of the press release: